Tether, the largest stablecoin issuer has announced the acceptance of its USDT as an approved cryptocurrency by Thailand Securities and Exchange Commission. The digital asset firm confirmed the development in a blog post on Monday.Â
As revealed, this approval paves way for the trading of USDT within the country, facilitating its acceptance as a valid means of payment. In addition, the approval also facilitates the listing of the stablecoin on regulated exchanges, further advancing Thailand’s leadership role in digital asset innovation.
Notably, the adoption of Tether USDT represents a significant standpoint in the evolution of digital asset in the region. It also represents a major step toward clarifying and enhancing Thailand’s regulatory framework.
The adoption will provide investors with increased flexibility and a wide range of options, fostering a more dynamic and resilient industry. Furthermore, it promotes the diversification of USDT and advances the modernization of Thailand’s financial landscape.
Over the last few years, Thailand has evolved to become one of the crypto-friendly regions, ranking among the top 20 globally. Tether USDT is also recognized as the largest stablecoin globally, with a market capitalization of over $142 billion. It is known for its role of bridging the gap between traditional fiat system and digital economies.
Tether CEO reacts to the adoption of USDT in Thailand
Meanwhile, the CEO of Tether, Paolo Ardoino has reacted to the development. Paolo revealed the digital asset firm’s commitment to supporting the long-term success of the adoption of stablecoin in the region. He added that Tether aims to contribute to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure. The CEO added that the firm’s priority is to provide Thailand users with a secure, transparent and reliable stablecoin experience.
Over the last few years, Tether has continually expanded the widespread adoption of stablecoins by partnering with various firms. In February, the stablecoin issuer entered into a memorandum of association with Reelly Tech to bring digital assets to real estate. Last year, Tether also partnered with Reku, a cryptocurrency exchange in Indonesia to strengthen crypto adoption in the region.
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